Posted on 11/28/2011 at 13:58
Wirecard AG to strengthen its position in Asia by further acquisition in Singapore
Today Wirecard Group has agreed to acquire all shares of Systems@Work Pte Ltd headquartered in Singapore. Systems@Work, incorporated in Singapore in 2000, is an established technology company in the field of electronic payments.
Under its brand TeleMoney (www.telemoneyworld.com) the company provides payment processing services for e- and m-commerce as well as point-of-sale in East Asia. With more than 500 business customers, Systems@Work is one of the leading payment service providers for merchants and banks in the region.
Customers of Systems@Work are amongst others, Carrefour, Starhub and the Singapore Land Transport Authority, the DBS and other major banks in the region as well as three international card organizations.
Dr. Markus Braun, CEO of Wirecard AG says: “With this transaction we strengthen our position in East Asia and grow our regional customer portfolio further. Systems@Work’s approach to rely primarily on Internet technologies for payment processing matches our own strategy“.
Two of the four owners of Systems@Work, Fook Sun Ng und Jeffry Ho, are part of the executive management and will remain with the company. Under their management Systems@Work became one of the most innovative and fastest growing electronic payment providers of the region.